It might be a little early to pop those champagne bottles, but UBS looks well on the way to a turnaround.
The firm posted a first-quarter net profit of $2.2bn Tuesday, 10% higher than the indicative earnings reported at its AGM last month.
Strong fixed income trading revenues and better margins in the firm's wealth management unit helped UBS post its strongest quarter since the dawn of the financial crisis, which saw it suffer around $50bn in writedowns.
UBS Investment Bank posted a $1.09bn pre-tax profit, as fixed income put in its strongest performance for 4 years.
CEO Oswald Grubel said: 'We are well positioned to meet our medium term goals. We implemented the measures announced in 2009 and delivered a good profit, while managing our costs and using our balance sheet and risks in a disciplined way'.
UBS also confirmed that its second quarter had started well, and that headcount, at around 64,000, is expected to remain broadly stable throughout this year.